Pure Foods to Offer 15 Million New Preferred Shares
The Board of Directors of San Miguel Pure Foods Co. Inc. (PSE: PF) has approved the public offer of up to 15,000,000 unissued cumulative, non-voting, non-participating, and non-convertible preferred shares with a par value of PhP10.00 per share at the offer or issue price of PhP1,000.00 per share.
The dividend rate, as and if dividends are declared by the Board, shall be at a fixed 8% per annum calculated in respect of each share by preference to the offer price thereof in respect of each dividend period.
The Board has also accepted the resignation of Jose Pardo as Director of the company, and has elected Leandro Mendoza as member of the Board effective February 11, 2011. Mendoza is a noted management practitioner and a distinguished professional military officer. He was previously Executive Secretary to the Office of the President, Chairman of the Anti-terrorism Council, Presidential Human Rights Council Commission, and Maritime and Oceanic Affairs (from March 2010 to June 2010); and Secretary of the Department of Transportation and Communications (DOTC) and Chairman of the Boards of DOTC Attached Agencies/Sectoral Offices and Corporations (from July 2002 to March 2010).
Carmelo Santiago was also appointed Member and Chairman of the Nominations and Hearing Committee of the Company effective February 11, 2011, to fill in the vacancy left upon the resignation of Pardo.
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